This is a marvelous thread. Your idea made me lough out loudly when it came to the actual toe part.
Seriously, I think this is a very important topic. I am relatively new to Bitcoin (maybe one month), and I am both fascinated and appalled by the whole idea. Obviously in contrast to most people here, I believe "fair" initial distribution is of utter importance for a new currency. Actually, I think it is the most important property (if not the only important property) of a new currency. If one random person or a random group of people started to create their own currency from scratch, and tried to pay for goods with this currency, nobody would ever accept it.
One way is to have a central, trusted authority handing out the money. Another way that would have never crossed my mind is the bitcoin idea (CPU power, now GPU power). This is more "fair" than anything I would have come up with, this is the fascinating side.
Also obviously in contrast to most people here, I still believe the initial bitcoin distribution is nevertheless pretty unfair. It is ok for early adopters to have some small advantage, but if the whole thing works out, they will probably be millionairs soon. The question is however whether the system is
fair enough to succeed anyway. Current money is not at all distributed "fairly", and it might well be that bitcoin commerce just keeps growing despite of the unfair initial distribution. Still, it will be difficult to explain to newcomers. The totally unfair distribution of current money is well settled in the heads, and a new currency favouring nerdiness instead of provenance has to be legitimated.
Thus, I believe the bitcoin system is unfair, but maybe not more than other currencies.
I believe there might be better solutions using a "web of trust" and a Ripple-like approach (as suggested by jav), but I have no clear idea yet. As soon as I have a clear idea, I will obviously start my own monetary system

What actually made me turn off the expensive GPU I just purchased solely to mine bitcoins after only 100 BTC is the ecological aspect. It is totally against my ideal to blow CO2 into the atmosphere like a madman only to solve equations that actually nobody needs to be solved. As far as I understand, the stability and security of the system relies on an ever increasing amount of computing power spent.
Not sure if I will ever turn it on again ...